Shift Technologies, CarLotz announce merger; Shift CEO steps down

Shift Technologies, CarLotz announce merger; Shift CEO steps down
·1 min read

Shift Technologies Inc. (SFT) and CarLotz Inc. (LOTZ) said they agreed to merge in a stock-swap deal. The combination of Shift, an end-to-end auto e-commerce platform, and CarLotz, a consignment-to-retail used vehicle marketplace, is designed to unite Shift’s vehicle acquisition abilities with CarLotz’s consignment relationships, the companies said Tuesday. Under the terms of the merger agreement, CarLotz shareholders would receive 0.692158 shares of Shift common stock for each share of CarLotz common stock.